Despite potentially facing higher US tariffs than its ASEAN peers, Vietnam’s strengthening position in global trade and global supply chains is expected to continue to underpin broader economic growth in the medium-term, fuelled by exports (especially in the electronics, machinery and footwear sectors) and infrastructure investments
HONG KONG SAR: Allianz Trade in Asia Pacific has opened its first office in Vietnam.
Headquartered in Ho Chi Minh City, the new office will provide comprehensive trade credit solutions to local exporters, catering to their increasing demand resulting from the country’s outperforming exports coupled with steady economic growth projected in coming years.
Rodrigo Jimenez, Regional CEO at Allianz Trade in Asia Pacific, said,”We are extremely excited to extend our footprint to Vietnam, the thirteenth location in our portfolio. Apart from increasing our investments in India in 2023, Vietnam has long been on our list for expansion. It is a relatively open economy with growth model based on trade; it has transformed into a competitive manufacturing hub in recent years; and it has demonstrated an ongoing shift towards higher value-added sectors.
“All these justified our move into the country. Indeed, as we witness companies diversifying their supply chains and relocating their operations to Vietnam, we want to be there to serve and guide our customers and to achieve mutual growth amid this ever-changing business environment,” said Jimenez.
Vietnam has been a remarkable performer among emerging economies, registering an average growth of around 7% in the three decades leading up to the Covid-19 pandemic, and around 4.8% on average over 2020-2023. A recovery in global trade, especially in consumer electronics, supported Vietnam’s manufacturing sector in 2024 which propelled the country’s economic growth to 7.1%.
Despite potentially facing higher US tariffs than its ASEAN peers, Vietnam’s strengthening position in global trade and global supply chains is expected to continue to underpin broader economic growth in the medium-term, fuelled by exports (especially in the electronics, machinery and footwear sectors) and infrastructure investments.
As such, Vietnam is expected to be one of the fastest growing economies in Asia Pacific with projected economic growth of 6.7% in 2025, 6.1% in 2026 and 6.2% in 2027, according to Allianz Research.
Ly Dao, newly appointed Country Manager for Allianz Trade in Vietnam, adds, “We are genuinely thrilled and energized to establish our new office in Vietnam, a dynamic market full of immense opportunities and growth potential. This expansion reinforces our strong commitment to the Vietnamese market and positions us to better serve our partners and customers. We are dedicated to supporting the trade business here, empowering them to grow with confidence through innovative solutions and tailored support. Together, we look forward to driving sustainable success and building lasting partnerships across Vietnam.”